California Assemblymember Proposes Bill to Expedite Climate Bond Funding

Assemblymember David Alvarez of Chula Vista has introduced Assembly Bill 35, aimed at expediting the disbursement of $10 billion allocated by California voters through Proposition 4, the state's largest climate bond to date. This proposal seeks to streamline the funding process for various climate programs, including water improvements and wildfire preparedness, by exempting Prop. 4 funding from the lengthy review process mandated by the Administrative Procedure Act. The bill has successfully advanced from the Assembly Appropriations Committee and is positioned to significantly reduce the time needed to implement these critical programs.

Lawmakers seek to speed up $10 billion climate bond

Proposition 4 was approved by California voters over a year ago, with the expectation that it would address pressing climate-related issues. However, previous multibillion-dollar bonds have faced delays due to regulatory hurdles, which have inflated costs and slowed project initiation. For instance, Proposition 1, passed in 2014, allocated $1 billion for a water storage project that remains incomplete. Alvarez's bill is particularly focused on addressing sewage pollution in the Tijuana River, which directly impacts his district, and could allocate up to $30 million for cleanup efforts.

Lawmakers seek to speed up $10 billion climate bond

The proposal has garnered support from local governments and environmental organizations, including the Wilderness Society and the National Audubon Society. Notably, Senate Minority Leader Brian Jones, a Republican who opposed Proposition 4, has joined as a co-author of the bill, emphasizing its potential to eliminate inefficiencies in funding processes. “AB 35, in my opinion, is good government,” Jones stated, highlighting the bill's aim to facilitate quicker access to necessary funding.

Lawmakers seek to speed up $10 billion climate bond

Despite the support, there are concerns regarding the accountability and oversight of the funds disbursed under Proposition 4. Critics have previously pointed out that the bond could cost taxpayers approximately $16 billion over 40 years, raising questions about fiscal responsibility. Additionally, there have been instances where lawmakers allocated portions of the bond to unrelated projects in their districts, which some view as a misuse of funds. Alvarez has clarified that AB 35 would not affect these earmarks, which have already been approved.

Lawmakers seek to speed up $10 billion climate bond

The bill is set to undergo a floor vote in the Assembly next week, with the potential to expedite funding for as many as nine projects aimed at addressing the environmental challenges in the Tijuana River area. Alvarez has emphasized the urgency of the situation, stating that communities in his district have suffered from prolonged sewage pollution.

Lawmakers seek to speed up $10 billion climate bond

• “The urgency is especially real in my district where communities have endured years of sewage pollution.” — David Alvarez, Assemblymember

Lawmakers seek to speed up $10 billion climate bond

• “It’s my job to make sure San Diego participates in any of this type of funding,” — Brian Jones, Senate Minority Leader

Lawmakers seek to speed up $10 billion climate bond